June 25, 2017, Lois Bowers, McKnight's Senior Living - The Securities and Exchange Commission is suing a Chicago-based senior living community developer, accusing him of improperly commingling and misusing some of the $88.7 he raised from foreign investors to finance the construction of assisted living and memory care communities in Illinois and Florida.
Immigration attorney Seyed Taher Kameli and his companies, Chicagoland Foreign Investment Group and American Enterprise Pioneers, have been charged with defrauding at least 226 investors — most of them from China or Iran — who were participating in the EB-5 Immigrant Investor Program from 2009 to 2016.
In a complaint filed Thursday, the SEC alleges that Kameli and his companies falsely claimed that each investor's $500,000 would be used to help construct a specific assisted living or memory care project and create at least 10 permanent full-time jobs within that project, thus qualifying each investor for a potential path to permanent U.S. residency through the EB-5 program.
Rather than use investor funds solely for the senior living project for which an investor was solicited, however, Kameli diverted millions of dollars to fund other projects and to make unrelated payments, the SEC alleges, a practice that was contrary to representations to investors and to the requirements of the EB-5 program. Kameli also allegedly spent a significant portion of investor proceeds for the benefit of himself, his brother and his companies.
Kameli and his companies sought ........ CLICK HERE TO READ MORE